GBP/ILS may fall 191 - 275 pips

Our pivot point stands at 4.7209.

Our preference

The downside prevails as long as 4.7209 is resistance.

Alternative scenario

Above 4.7209, look for 4.7351 and 4.7435.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.7165 and 4.7200). Finally, the GBP/ILS has penetrated its lower Bollinger band (4.7022).

Supports and resistances

4.7435 **

4.7351 *

4.7209 **

4.7153

4.7009 last

4.6818

4.6734 **

4.6649 *

4.6565 **

Number of asterisks represents the strength of support and resistance levels.